Alternative asset manager Blackstone announced that it has raised $8.7 billion for the fifth vintage of its energy transition-focused private equity fund, hitting its hard cap one year after launching.

Blackstone Energy Transition Partners (BETP) is Blackstone’s strategy for control-oriented equity investments across the entire energy transition value chain, including high-quality equipment, service and technology providers, and large-scale infrastructure projects that contribute to decarbonization, and generally excluding investments in the ownership of hydrocarbon reserves and the extraction.

In 2022, Blackstone said that it sees an opportunity to invest an estimated $100 billion in energy transition and climate change solutions projects over the next decade. According to the firm, BETP’s energy transition investments have generated a 34% net IRR since 1997.

Blackstone launched BETP V in late 2025, after the final close earlier that year of the fourth vintage of the fund at $5.6 billion. At the final close of the new fund, fundraising for BETP V exceeded its predecessor by more than 50%.

David Foley, Global Head of Blackstone Energy Transition Partners, said:

“We believe there is a generational opportunity for experienced investors in the energy transition to provide solutions to the challenges posed by growing demand for electricity.”

BETP V began its investment period in June and has funded three distinct platform companies to date, including North America power generation platform Kindle, energy transition and sustainability asset developer and investment company Fisterra, and electric transmission platform Viridon, and made three acquisitions including data center cooling solutions provider Flow Control Systems, utilities-focused measurement, control and repair company Dresser Utility Solutions, and energy infrastructure asset inspection services provider DarkVision.